Chinese firm to invest in $2b factory in Thanh Hoa
Chinese firm to invest in $2b factory in Thanh Hoa
Chinese steel firm Mintal Group Co. Ltd has expressed a desire to build a US$2 billion Ferocrom, stainless steel and non-ferrous metal factory in central Thanh Hoa Province’s Nghi Son economic zone.
The issue was discussed during a recent meeting between Mintal Group’s representatives and the Provincial People’s Committee (PPC).
Specifically, the group will invest in a Ferocrom factory with a capacity of 1.5 million tonnes per year in the first phase and a stainless steel factory with a capacity of 1 million tonnes of steel and 1 million tonnes of non-ferrous metal per year in the second phase.
It is estimated that 80 per cent of raw materials for production will be imported from South Africa, while the remaining 20 per cent is expected to be purchased in Viet Nam.
If the investment plan is approved, Mintal Group will lease 300ha of land in Nghi Son Economic Zone, near the port area, to construct the factory.
Speaking at the meeting, chairman of Thanh Hoa People’s Committee Nguyen Dinh Xung required Nghi Son economic zone’s management board, provincial departments and agencies to instruct Mintal Group to survey the location and quickly complete relevant documents and procedures, to soon receive the the investment policy decision by the provincial People's Committee at the end of September or the beginning of October, when Thanh Hoa Province held 2019 investment promotion conference.
However, Xung noted that when investing in this factory, Mintal Group must commit to Thanh Hoa Province on investing and applying the most advanced and modern technology to minimise the impact on the environment, as well as complying with Vietnamese laws on environmental protection.
At the meeting, Mintal Group and management board of Nghi Son economic zone and industrial zones also signed a memorandum of understanding (MoU) on investing in the Ferocrom, stainless steel and non-ferrous metal factory.
Mintal Group is one of the world's leading corporations in manufacturing Ferocrom, stainless steel and non-ferrous metals. Currently, the group has one factory located in China and the second one is planned to be built in Nghi Son economic zone.
